Soa Advice

purplestrawberry

I'm looking to go bankrupt and need some advice please

Should I include my 14 year old sons DLA?
Will they expect my older son to contribute towards the household budget?

My income is Carers Allowance.
The benefits are tax credit and child benefit

I stopped paying these debts a few years ago so do not make payments towards them but now it's all getting on top of me, I need some help please.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 258.4
Partners monthly income after tax....... 850
Benefits................................ 851
Other income............................ 0
Total monthly income.................... 1959.4

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 392
Management charge (leasehold property).. 0
Council tax............................. 109
Electricity............................. 152
Gas..................................... 96
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 58.49
Groceries etc. ......................... 600
Clothing................................ 80
Petrol/diesel........................... 100
Road tax................................ 16.62
Car Insurance........................... 66.97
Car maintenance (including MOT)......... 40
Car parking............................. 20
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 40
Pet insurance/vet bills................. 32.92
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 40
Entertainment........................... 20
Holiday................................. 50
Emergency fund.......................... 100
Total monthly expenses.................. 2116.37


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
lowell.........................3000......0.........0
lowell.........................1500......0.........0
lowell.........................1300......0.........0
tesco finance 469..............0.........0.........0
g e capital bank...............966.......0.........0
capital one....................500.......0.........0
black horse....................500.......0.........0
barclays bank..................1750......0.........0
barclays loan..................5000......0.........0
littlewoods flexi..............700.......0.........0
barclaycard....................2310......0.........0
orange.........................130.......0.........0
Aqua............................1500.......0.........0
Vanquis..........................600........0.........0
Provident........................1500.......0.........0
Total unsecured debts..........21256.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,959.4
Expenses (including HP & secured debts). 2,116.37
Available for debt repayments........... -156.97
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -156.97

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,656
Net Assets.............................. -17,656

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Ms_Chocaholic

The things that jump out at me are the cost of your electricity/gas - £250pcm

Also your food shopping - £600pcm - that's £138 per week

purplestrawberry

That is my husbands arrears included in monthly payment, would they reduce it themselves or should I adjust it?
what is reasonable for food?
Should I include my sons DLA
And will they want my older son to contribute?
Does everything else look ok?

Jono987

Put some for insurance, also petrol 150, yours / Your partner's company may send him to a different location further away a few times a month?...
Pet insurance put 50, that's 30 for your policy and 20 you save towards your insurance excess you will have to pay if your pet ever gets ill.

Put 40 for mobile phone (20 for you 20 for partner).
60 for car maintenance, this is an acceptable amount. Tyres, servicing etc all add up.


That's an extra 130, I'd then drop the groceries to 500 as 600 is likely to raise eyebrows.

Smellyonion

Your son is 14. Obviously include the dla unless they pay it directly to him?

Scrap the holidays, haircuts are expensive. Presents can be reduced. You're paying to keep a pet and almost going bankrupt. £40 a month for car maintenance? Yet only 100 a month for petrol that's a lot of maintenance for that usage. £80 every month on clothing?? 52 on internet? I didn't know that internet on it's own could be that expensive. Gas and electric are also way too high.

purplestrawberry

Thank you for your help, what should I do about my husbands Gas & Electric arrears?

purplestrawberry

I tried to find my phone charges, but BT only give you combined information.

I know the gas and electric are high, that's why I need to know what to put as I don't want to lie on the forms, the dd come from my account so they will know if i lie.

Jono987

Smellyonion wrote: »

Your son is 14. Obviously include the dla unless they pay it directly to him?

Scrap the holidays, haircuts are expensive. Presents can be reduced. You're paying to keep a pet and almost going bankrupt. £40 a month for car maintenance? Yet only 100 a month for petrol that's a lot of maintenance for that usage. £80 every month on clothing?? 52 on internet? I didn't know that internet on it's own could be that expensive. Gas and electric are also way too high.

Why reduce if she dosent have to? Some months throw up expensive unexpected bills, better to allow some breathing room. 60 is not that massive for car maintenance, I had 80 for maintenance and 200 for petrol when I went bankrupt. Pet is fine, the OR isn't going to make her give up the family pet for for the sake of 40 quid a month.

purplestrawberry

Do I need to include the DLA and will they want my older son to contribute to the household budget?

debt_doctor

Hi (again),

If I understand correctly - You are the only person going bankrupt and all of YOUR income comprises of benefits (carers allowance plus other benefits) then whilst you must complete an SOA - Its irrelevant from an IPA point of view as you cannot be asked to agree to an IPA if your sole income is benefits.

In any event the exercise is to maximise your expenses (allowance) not cut back.

DD.

debt_doctor

Im off for tonight - back tomorrow.

DD